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Hyundai Corp News

26 Apr 2016

Hyundai Heavy Industries Back in Black

Photo: Hyundai Heavy Industries

According to a regulatory filing, Hyundai Heavy Industries (HHI) racked up 10.2728 trillion Korean won in sales for Q1 2016, a 7.8 percent decline from the previous quarter while operating income swung to a profit of 325.2 billion won, putting an end to a nine-quarter losing streak. The officer added, “We see the 1Q 2016 consolidated earnings have not deviated much from the annual performance goal we set up early this year. HHI also attributes the turnaround to a series of drastic…

25 Nov 2015

Asia Fuel Oil-Cracks, Spreads Tight; Bunker Prices Climb

Asia's fuel oil crack for benchmark 180-centistroke rebounded to a discount of $6.79 a barrel on Wednesday, gaining as bunker prices firmed on the possibility of reduced arbitrage volumes from the West next month even as the market remained quiet, traders said. The spread for the benchmark also remained tight, holding around a four-month high, at a discount of $2.75 - a further indication of possible lower arbitrage volumes, traders said. "We don't see much arbitrage cargo - somewhere in the low 3s (million tonnes) in December," said one Singapore trader. Other traders have estimated volumes could hit 4 million tonnes, similar to November's level. "Bunker prices have picked up and fundamentals kicked in," the trader said.

06 Aug 2004

Loss of MSC Carla Shakes Ship Repairers

The 2,400-teu containership MSC Carla, which was originally built in Sweden in 1972, broke in two during storms in the Atlantic during November 1997. The vessel was lengthened by South Korea’s Hyundai Mipo Dockyard (HMD) during 1984, the original contract being signed by Hyundai Corp and subsequently sub-contracted to HMD. At that time the owner was Sweden’s Brostrom. A US court has ruled that the loss ship was a result of deficiencies in work carried out at HMD during the lengthening operation. The North of England Protecting & Indemnity Association could recover $20m from HMD and Hyundai Corp (HMD’s owning company) after claiming that work was negligent, in breach of warranty, or otherwise gave rise to a product liability claim.